India's startup ecosystem has hit a rough patch, marking its first decline in unicorn creation since 2017, according to the Hurun Global Unicorn Index 2024 released on Tuesday.
The index provides a ranking of the world's most valuable startups founded in the 2000s, each worth at least a billion dollars and yet to be listed on a public exchange.
Anas Rahman Junaid, founder and chief researcher at Hurun India, said India had 67 unicorns in 2023, which is one less than a year ago.
"India's startup ecosystem has slowed, with the number of unicorns down for the first time since the launch of our list. This is primarily fuelled by lack of investment into startups despite the recent stock market record highs," Junaid said. "Another factor is that founders from India produced more offshore unicorns than any other country, cofounding 109 unicorns outside of India compared with 67 in India," he said.
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